Gold Coast Bank has raised $9.5 million in a public stock offering and its shares will begin trading “in a week or so,” officials said Wednesday.
The Islandia-based bank will use the funds to open more branches, including one in Downtown Brooklyn, and increase lending activity, CEO John C. Tsunis said.
Gold Coast shares will be listed on the Over-The-Counter Pink Market under the symbol “GLDT.” The book value is $10.25 per share.
Tsunis said the stock offering, which began in February, wrapped up Tuesday and included individuals and four institutional investors. He said he hopes the shares will trade on the Nasdaq market someday.
With the capital raised, the bank now has about $40 million in equity and can lend up to $6.5 million per loan.
Gold Coast reported net loans of $286 million, total deposits of $326 million and total assets of $372 million as of March 31, according to its stock offering circular.
The bank recorded a profit of $1.2 million last year, a gain of 266 percent from 2014. Tsunis predicted a 2016 profit of between $2 million and $2.5 million.
“The bank is growing prudently and steadily,” he said in an interview. “I think our investors and customers are happy and shall be even more happy as the growth continues.”
Gold Coast, founded in March 2008, has offices in Islandia, East Setauket, Farmingdale, Huntington, Mineola and Southampton. It concentrates on serving wealthy individuals, small businesses and nonprofits.
Tsunis said the bank, which has about 50 employees, “wants to be the fertilizer for the business community in the areas that we serve.”